IMARC Group, a leading market research company, has recently releases report titled “LiDAR Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global LiDAR market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the LiDAR Market?

The global LiDAR market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.

What is LiDAR?

LiDAR (Light Detection and Ranging) is an advanced remote sensing technique used to measure the distance of an object on the surface of the earth and creates its precise three-dimensional (3D) virtual image. It consists of a laser, scanner, micro-electro-mechanical system (MEMS), and specialized GPS trans-receiver. Nowadays, LiDAR systems are extensively deployed over conventional methods for examining, detecting, and mapping objects owing to their high precision, low cost, and enhanced features.

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What are the growth prospects and trends in the LiDAR industry?

The market is primarily driven by the increasing applications of LiDAR across various end-use sectors, such as robots, self-driving cars, architecture, engineering, and construction (AEC) industry, entertainment, and other autonomous systems. In addition, LiDAR systems are widely utilized in the aerospace and defense sectors for tracking low-flying aircraft as they can precisely measure the size and distance of the target and perform effectively in all weather conditions.

Moreover, governments of various countries are extensively adopting LiDAR technology for surveillance, topographical surveys, mapping, and monitoring the oil and gas and mining sectors. Apart from this, LiDAR systems are widely utilized in the agriculture industry for automated tractor steering solutions and surveying fields with drones. This, coupled with the extensive adoption of LiDAR-based sensors in advanced driver assistance systems (ADAS) and self-driving vehicles, is augmenting the product demand.

Furthermore, technological advancements, extensive research and development (RD) activities, and favorable government policies are also creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Installation Type:

  • Airborne
  • Terrestrial

Breakup by Component:

  • Laser Scanners
  • Navigation Systems
  • Global Positioning Systems
  • Others

Breakup by Application:

  • Corridor Mapping
  • Engineering
  • Environment
  • Exploration
  • ADAS
  • Others

 Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including: 

Faro Technologies Inc, Innoviz Technologies Ltd., LeddarTech Inc., Leica Geosystems AG (Hexagon AB), NV5 Global Inc., Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Sick AG, Teledyne Technologies Inc, Trimble Inc., Valeo, Velodyne Lidar Inc.

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